The negotiators of Virgin Express Holdings PLC, the majority shareholder of Virgin Express NV/SA, and the negotiators of SN Airholding II, the majority shareholder of SN Brussels Airlines, have finalised an agreement…
The negotiators of Virgin Express Holdings PLC, the majority shareholder of Virgin Express NV/SA, and the negotiators of SN Airholding II, the majority shareholder of SN Brussels Airlines, have finalised an agreement which contemplates placing Virgin Express NV/SA and SN Brussels Airlines under the common ownership of SN Airholding II.
The negotiators will now submit the agreement to the respective Boards of Directors for discussions and approval. The agreement follows the framework of a Letter of Intent of 16th March 2004 with certain agreed alterations to valuation reflecting current circumstances in the market.
Upon approval by the parties and the competent authorities, Virgin Express NV/SA and SN Brussels Airlines will be placed under the common ownership of SN Airholding II. In exchange Virgin Express Holdings PLC will own 29.9 % of the shares of SN Airholding II.
SN Airholding II will own 100 % of the shares of Virgin Express NV/SA and nearly 92% of the shares of SN Brussels Airlines.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
